NEWS FLASH - The Bitcoin ASIC mining company TerraHash has decided to close it's doors leaving many investors and customers without their ASIC mining products and without their money as well.

According to Coindesk.com, TerraHash has closed it's doors and is reported to only be providing 50% refunds.

This it unfortunately the other side of the coin when it comes to investing in Bitcoin ASIC mining hardware. It is exceedingly expensive and difficult to manufacture and deliver the ASIC hardware to the Bitcoin community within a timely fashion.

ASIC bitcoin miner manufacturer TerraHash has told customers that it has gone out of business. The company is now facing legal action from at least two customers, CoinDesk has learned.

The California-registered corporation announced on the Bitcointalk forum that several problems had caused it to cease trading.

“The failure of the Klondike project was one. Chase, our bank, shut down our accounts. Also the delay in the shipment of the chips has resulted in a lot of customers asking for [a] refund,” said someone using the TerraHash account in the official TerraHash forum.

“We already owe a lot of money to PayPal, and with all the refund requests, it is impossible for us to continue our operation profitably. So we have decided to dissolve the company.”

The company was one of several that was awaiting processor shipments from BitSynCom, which has repeatedly delayed shipments of the Avalon ASICs. It was to use Klondike, a third-party board developer for the ASICs, to house them.